M3 : Presentation Material

M3, Inc. Presentation Material

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N o v e m b e r 2 0 2 5

The following presentation contains forecasts, plans, management targets, and other forward-looking projections relating to M3, Inc. and/or its group. These statements are drawn from assumptions of future events based on data currently available to us, and there exist possibilities that such assumptions are objectively incorrect and/or may produce differing actual results from those mentioned in the statements.

Furthermore, information and data other than those concerning the Company and its subsidiaries/affiliates are quoted from public information, and the Company has not verified and will not warrant their accuracy or dependability.

This presentation is provided for informational purposes only and does not constitute an offer or solicitation to buy or sell any securities. Any investment decisions should be made at your own discretion and responsibility.

M3, Inc.

Unit: JPY MM	FY2024 H1	FY2025 H1	YoY
Revenue	124,819	170,885	+37%
Operating profit	28,982	35,992	+24%
Profit before tax	29,074	36,681	+26%
Profit	19,589	25,320	+29%

Revenue growth excluding COVID-related items:

+38%, comparable

Solid performance continues in both revenue and profits

FY2025 H1 Consolidated Results

Unit: JPY MM

112,616 115,795

～14,600 ～5,700

124,819

～1,900

170,885

～1,700

+38%

COVID-related

(clinical trials, vaccination support, promotion of therapeutic drugs and vaccines, etc.)

Regular Businesses

FY2022 H1

FY2023 H1

FY2024 H1

FY2025 H1

Growth in the core business accelerated as the impact of declining COVID-related sales subsided

* FY2024 Actuals: Q1 ~1.1 Bn, Q2 ~0.9 Bn, Q3 ~0.8 Bn, Q4 ~0.5 Bn

FY2025 Actuals: Q1 ~1.1Bn , Q2 ~0.5 Bn

Consolidated Revenue Trend and COVID Impact

Before COVID

During COVID

Repercussion

Normalized

20km/h

20km/h

20km/h

20km/h

Organic Growth Rate

COVID-19

Impact

20km/h

20km/h

In Total…

20km/h 40km/h 0km/h 20km/h

Status per Segment

MP

ES

CS

SS

Overseas

Each segment and business was in a different phase, and the outlook for the growth rate also varied

* Please refer to the slide titled "Abbreviations of Segment Names" for the definitions of the segment abbreviations used in this presentation

Growth Dynamics and COVID Effects: FY2024

Before COVID During COVID Repercussion

20km/h 20km/h 20km/h

20km/h 20km/h

20km/h 40km/h 0km/h

Normalized

Organic Growth Rate

20km/h

COVID-19

Impact

In Total…

20km/h

Status per Segment

MP

PS

Overseas

SS

ES

CS

The negative impact on COVID-related sales concluded in FY2024, with a return to baseline growth reflected in performance from FY2025

Growth Dynamics and COVID Effects: FY2025

Unit: JPY MM			FY2024 H1	FY2025 H1	YoY
Domestic	Medical Platform	Revenue	42,474	51,977	+22%
		Profit	14,590	17,870	+22%
	Evidence Solution	Revenue	11,940	12,180	+2%
		Profit	1,893	2,331	+23%
	Career Solution	Revenue	11,617	13,175	+13%
		Profit	4,099	4,343	+6%
	Site Solution	Revenue	21,611	26,291	+22%
		Profit	3,047	1,694	-44%
	Patient Solution	Revenue	-	27,352	-
		Profit	-	1,054	-
	Emerging Businesses	Revenue	1,123	1,064	-5%
		Profit	370	578	+56%
Overseas		Revenue	37,984	41,063	+8%
		Profit	6,636	8,925	+34%

FY2025 H1 Consolidated Results by Segment

⯀ Order backlog: JPY 35.9 Bn

⯀ Improved revenue mix led to OP growth exceeding that of revenue

⯀ Solid performance in business for both physicians and pharmacists

⯀ Revenue: increased due to acquisitions effects and steady topline growth in the existing businesses

⯀ OP: Losses associated with the start-up phase of new facilities were recorded

⯀ Solid momentum in both businesses of pharma marketing and DX of the clinical scene

⯀ EWEL acquisition contributed approx. JPY 6 Bn in revenue and approx. JPY 0.3 Bn in OP

⯀ The negative impact from the US clinical trials narrowed YoY

⯀ Stronger yen; revenue and OP further rose mid-single digits YoY on a local-currency basis

Revenue Operating profit

Initial Forecasts MP

ES CS SS PS

Overseas

Other / Adjustments

FY2025 H1 Act.

172.0 Bn

170.9 Bn

31.0 Bn

36.0 Bn

MP and Overseas drove profit contribution in H1.

We are currently monitoring H2 volatile factors, incl. potential impacts related to Trump

FY2025 H1 Forecasts vs. Actuals

M3's Triple Growth Engine + CSV

Growth Engine 1： Ecosystem Expansion (Sagrada Familia)

FY ： 2010 2015 2020 2024

Country ： 3 → 8 （2.5x） → 11 （3.5x） → 18 （6.0x）

Business Types ： 6 → 15 （2.5x） → 35 （6.0x） → 41 （7.0x）

Business Units

(Type x Country)

： 10 → 24 （2.5x） → 56 （5.5x） → 80 （8.0x）

Sales (Bn) ： 14.6 → 64.7 （4.5x） → 169.2 （12.0x） → 284.9 （19.5x）

Aggressive M&A to ensue in reaching growth potentials exceeding 10~20x current levels…

Business Scope Expansion and Growth Potential

15*

Domestic Overseas

11

11

5

5

10

3

9

6

6

7

6

4**

2

2

FY2021 FY2022 FY2023 FY2024 FY2025

Q2 Earnings Release

Continuously conduct approximately 10 M&As annually. Alongside ELAN and EWEL deals executed by M3, active acquisitions are also being driven by group companies

* 2 out of 9 domestic deals, and 3 out of 6 overseas deals were conducted by listed subsidiaries

** 1 out of 2 overseas deals was conducted by a listed subsidiary

Trend in M&A Volume: Programmatic M&A Strategy

Growth Engine 2： Individual Business Development

Pharmaceutical Sales & Marketing DX

10 years ago

Present

Future

M3's Role

TAM

down by ~300 Bn yen

Industry productivity improvement from DX

MR

Related Costs

Internet

99%

1.5 Tn yen

1%

95%

1.15 Tn yen

5%

70～80%

700～

800 Bn yen

20～30%

(2) MR Activity DX Support

(1) Internet Marketing

Support

(3) Data-driven Marketing Support

15 Bn yen 70 Bn yen 200～ 300 Bn yen

M3 involvement is to go beyond the bounds of the internet to improve productivity across the entire industry

Ref: M3 survey and estimate; numbers are approximate

Pharma Marketing Cost and TAM for M3

(10,000)

7

6

5

Historical Peak

65,752 MRs

-950

-1,095 -522

-752

-2,533

-2,742

-3,572

-1,738

-2,166

43,646 MRs in FY2024

(Second largest decline ever)

-2,963

-3,073

4

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

In addition to a decrease in the number of MRs, an increasing number of contract reps and online reps who work exclusively online or by phone.... The trend toward sales efficiency is expected to continue

* Source: MR Certification Center "2025 MR White Paper"

Trend of Domestic Pharmaceutical Sales Reps (MRs)

Overall Trend

ＣＯＶＩＤ-19

Now

Sales

During COVID After COVID

Future

Initiatives for Regrowth

Shift the focus from channel-centric pitches back to problem-solving proposals that tackle client challenges, and reinforce this approach

Key Initiatives:

⯀ Approaches to core pharmaceutical challenges

⯀ Further advancement of data-driven marketing

⯀ Providing a holistic solution through a mix of services

The proposal-capability program rolled out in FY2024 is now bearing fruit, and we will accelerate true digital transformation as a strategic partner to pharma clients

As a Strategic Partner to Pharma Companies

DX of the Clinical Scene

Number of Medical Institutions Using M3 DigiKar

8,700

⯀ A cumulative number of installations is approx. 8,700.

Steady progress

⯀ Co-selling with DigiKarSmart further increases the added value of DigiKar

FY15 16 17 18 19 20 21 22 23 24 25

Incontestable #1 market share within cloud-based digital health records, approx. 400 million charts

M3 DigiKar EHR Growth

Physical

Medical Institutions：

Online

Appointment

Next Appointment

Auto-Reception

M3 DigiKar Smart

Payment

Consultation

Linking to EHR

Managing System

Patients：

Mobile App

68,000 reviews with a rating of 4.6 from users, a new patient experience created, and a high rating in the category

* Taken from the following URL, as of October 17, 2025

https://apps.apple.com/jp/app/m3%E3%83%87%E3%82%B8%E3%82%AB%E3%83%AB%E3%82%B9%E3%83%9E%E3%83%BC%E3%83%88%E8%A8%BA%E5

%AF%9F%E5%88%B8/id1563102530

DX of Clinics： DigiKar Smart

Unit: Index with FY2021Q3 as 1

13,201

⯀ Rapid market penetration of DigiKar Smart as the clinics' infrastructure # of Users: 1.9x YoY Txn Amount:2.0x YoY

⯀ Video call has been added and is expanding as an infrastructure for telemedicine

11,400

10,042

9,437

1,

1 44 173 479

7,089

5,673

4,3204,741

2,973

2,067

1,368

070

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

FY21

FY22

FY23

FY24

FY25

* Quarterly sum of monthly UUs

No. of DigiKar Smart Users

Overseas

Ratio of doctor members

(As of June 2025)

Including regions not shown above, more than 7 million doctor members and panelists, covering 50% of doctors worldwide

*The no. of doctors in Japan is based on data from the Ministry of Health, Labour and Welfare (2022). The no. of doctors in other countries is based on the latest data from WHO and other sources.

Number of Doctor Members and Panelists (Global)

Unit: JPY MM

37,956

41,058

14,464

Growth Rate

+8%

* Down approx. 3%pts

due to forex impact

North America

⯀ +3% at constant currency

North America

Europe APAC

and others

14,660

17,681

15,341

7,956 8,913

-1%

+15%

+12%

⯀ Monitor the future Trump risk primarily in the clinical trial business

Europe

⯀ Steady progress in France and the UK, alongside the contribution from acquisitions

ＡＰＡＣ

⯀ +22% at constant currency

FY2024 H1

FY2025 H1

⯀ Contribution from Limbic acquisition

Segment profit increased by +34%, driven by solid revenue performance, improved profit mix, and the US clinical trials

Overseas Segment: Sales by Region

Growth Engine 3： Ecosystem Synergy Creation

FY ： 2010 2015 2020 2024

Country ： 3 → 8 （2.5x） → 11 （3.5x） → 18 （6.0x）

Business Types ： 6 → 15 （2.5x） → 35 （6.0x） → 41 （7.0x）

Business Units

(Type x Country)

： 10 → 24 （2.5x） → 56 （5.5x） → 80 （8.0x）

Sales (Bn) ： 14.6 → 64.7 （4.5x） → 169.2 （12.0x） → 284.9 （19.5x）

Business Scope Expansion and Growth Potential

１ ２ ３

４ ・・・ ｎ

Number of businesses

Synergy Links

0 1 3 6

nC2

Synergy potential between businesses: 80Ｃ2 = 3,160 possible linkages

Cross-Business Synergy Creation Potential

Unit: Index with FY2024 H1 as 100

100

Approx.

1.1x

114

FY2024 H1 FY2025 H1

The next ten years will be based on ecosystem synergies, including internal and external collaborations, to further promote healthcare problem-solving/social impact creation, and business expansion

*Sum of value additive projects spanning across multiple business lines and data utilization. Definitions will be reviewed as necessary, including this time

Ecosystem Synergy Value Creation

Phase 1 Happiness-i

General Public

(consumer)

Pre-Onset/ Healthy Person

After Onset/ Patient

Phase 4 EBHS

Phase 6 Medcare

Phase 5 M3 Health Design

Phase 3 Cancer Prevention

Phase 2 Rinkai Medical

Future expanding priority areas
	Traditional main business domain

HCP

(e.g. wholesaler)

Phase 7 MinaCare

Phase 8 EWEL

Following the addition of EWEL, the expansion of the White Jack Project has gained momentum

"The White Jack Project"

Number of Employees Covered by Enterprise Services

Covers more than 7 million*

Unit: 10,000 ppl

~710

employees as of FY2025Q2 with the following services

1 18 19

203

78

293

Approx.

550x

⯀ EBHS Life

⯀ Cancer prevention

⯀ White Jack M3PSP

⯀ AskDoctors

⯀ Booking & conducting medical check-ups

⯀ Employee health data management

⯀ Dispatch of occupational physicians and stress checks

⯀ Services for health insurance organizations

⯀ Employee benefit platform

FY19 20 21 22 23 24 25Q2*

Expanding business foundation to create ecosystem synergies… the addition of EWEL in FY2025 marks the transition to a new phase, exceeding 7 million employee coverage

* Including approx. 4 million of service users of EWEL who are reachable via email and other means (to be refined)

Expand Coverage of Enterprise Services